国际清算银行-政府债券市场的中央清算：确保“安全资产”的安全？（英）-2024.9-8页.pdf

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BISBulletin

No92

Centralclearingingovernmentbond

markets:keepingthe“safeasset”safe?

MatteoAquilina,MartinScheicherandAndreasSchrimpf

19September2024

BISBulletinsarewrittenbystaffmembersoftheBankforInternationalSettlements,andfromtimetotime

byothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandare

technicalincharacter.Theviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviews

oftheBIS.TheauthorsaregratefultoInakiAldasoro,MatthiasDrehmann,BryanHardy,WenqianHuang,

DavidMacDonald,HyunSongShin,TakeshiShirakami,VladyslavSushkoandKevinTracol,forhelpful

commentsandsuggestions,toAlbertoAmericoforexcellentresearchassistance,andtoNicolaFaessler

foradministrativesupport.

TheeditoroftheBISBulletinseriesisHyunSongShin.

ThispublicationisavailableontheBISwebsite().

©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedor

translatedprovidedthesourceisstated.

ISSN:2708-0420(online)

ISBN:978-92-9259-789-4(online)

MatteoAquilinaMartinScheicherAndreasSchrimpf

Matteo.Aquilina@mMartin.Scheicher@ecb.europa.euAndreas.Schrimpf@

Centralclearingingovernmentbondmarkets:keepingthe“safe

asset”safe?

Keytakeaways

•Governmentbondtradingistypicallyoverthecounter,withdealersplayingakeyroleasintermediaries.

Pressureontheirintermediationcapacityissettoincreaseasgovernmentdebtcontinuestogrow.

•Enhancingthevolumeofcentrallyclearedtransactionscouldhelpmitigateriskstomarketfunctioning

byfreeingupthebalancesheetofdealersandencouragingall-to-

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